Define annual value and state the deductions that are allowed from the

Question

Define annual value and state the deductions that are allowed from the annual value in computing the income from house property.

22 Apr 2024

Answer :

Word Count : 621

The concept of annual value is a crucial aspect of computing income from house property under the Income Tax Act in India. It represents the notional rental value or the potential rental income that a property owner could derive from their property if it were rented out. The annual value serves as the starting point for calculating the taxable income from house property.

Annual Value:
The annual value of a property is determined based on the following factors:

1. Municipal Value (Municipal Rateable Value or MRV): This is the value determined by the municipal authorities for the purpose of levying municipal taxes ____ _______ _________ _______ ______ _______ _____ _______.
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		RS
1	Interest received on 7% bonds of UP Govt.	5,000
2	Income from house property	24,000
3	Dividend received on preference shares of Indian company	10,000
4	LTC Loss (Related to the year 2019-20)	7,000
5	LTC Gain	5,000
6	STC Gain	6,000
7	STC Loss	2,000